Craft a Compensation Philosophy

Lay the groundwork for compensation that is competitive, cost effective, and brand aligned.

Onsite Workshop

Without a compensation philosophy:

  • The organization will experience difficulty managing compensation costs and decisions in a consistent manner.
  • The organization’s approach to compensation will not be tailored to its strategy.

By having a compensation philosophy:

  • The organization will pave the way towards pay transparency.
  • The organization can effectively manage compensation costs.
  • The right talent will be attracted to and retained by the organization through effective market positioning.

Module 1: Explore Internal and External Factors Influencing Compensation

The Purpose

Discuss challenges, explore internal and external factors influencing compensation, and identify competitors for talent.

Key Benefits Achieved

Use McLean & Company’s process to create a competitive, cost-effective, and brand-aligned compensation philosophy.

Activities: Outputs:
1.1 Identify and discuss compensation challenges.
  • Compensation challenges identified.
1.2 Discuss internal and external factors influencing compensation.
  • Factors influencing compensation analyzed.
1.3 Identify competitors for talent.
  • Competitors for talent identified.

Module 2: Draft a Compensation Philosophy

The Purpose

Determine high-level needs for compensation philosophy and prepare a draft.

Key Benefits Achieved

A drafted compensation philosophy for your organization will be prepared.

Activities: Outputs:
2.1 Uncover fundamental compensation principles.
  • Compensation principles determined.
2.2 Determine general market positioning.
  • Market position defined and understood.
2.3 Select market positioning strategies and targets.
  • Market positions determined for each employee segment.
2.4 Draft the compensation philosophy.
  • Compensation philosophy is crafted.

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